A Sell-Off In Tech Is The Biggest Near-Term Risk To Markets Right Now | Lance Roberts

**SPEAKER_1** (0:01)
This episode is brought to you by Starbucks.

**Lance Roberts** (0:03)
That is fire. Whoa.
That's good. This might be the drink of the summer. Okay, I like this one too.

**SPEAKER_1** (0:09)
I'm not cool with it, okay. Try it for yourself. Starbucks Refreshers Concentrates are coming home. Find them in the coffee aisle and make it yours.

**Adam Taggart** (0:45)
Have a break, have a KitKat.

**Lance Roberts** (0:48)
The wild card to this going in next week is the market's kinda looking back at Kevin Warsh and saying, wait a second, we don't have the guidance on how to work off of, maybe we need to de-risk some. And again, we also have that end of the quarter rebalancing. So I think over the next two weeks, there's more risk to the downside than there is risk to the upside. I think your big risk is in semiconductors.
Those stocks have gotten way, way ahead of themselves right now. There's a lot of concentration in that sector. I would be careful with that sector. I would take profits, I would hedge, and then kind of let this market work its way through.

**Adam Taggart** (1:28)
Welcome to Thoughtful Money. I'm Thoughtful Money Founder and your host, Adam Taggart, welcoming you here at the end of the week for another weekly market recap, featuring my good friend, the Revivified portfolio manager, Lance Roberts. Lance, how you doing?

**Lance Roberts** (1:42)
I'm doing fantastic. I don't know if Revivified is the right word, but hey, we're back in the cell, so let's do that one.

**Adam Taggart** (1:48)
All right, well, look, welcome back. How was the trip to Italy?

**Lance Roberts** (1:52)
Boy, do I have a story for you.

**Adam Taggart** (1:55)
Well, first off, did you eat all the carbs there?

**Lance Roberts** (1:58)
Yes, I did, actually. I wind up eating a lot of carbs while I was there, so all the effort was worth it. But unfortunately, I didn't get the Speedo pick because of the story I'm about to tell you.

**Adam Taggart** (2:09)
Okay, well, let's hear it.

**Lance Roberts** (2:12)
If anybody's been watching me and Adam for a while, you know that every time I go on vacation, I generally have very exciting vacations. Things happen, like we get stranded in airports and we get trapped in snowstorms and all kinds of stuff like that.

**Adam Taggart** (2:27)
Usually, the market goes to hell and we're going to talk about that in a minute. But yes, you rarely get to relax on your vacation.

**Lance Roberts** (2:32)
We did have a bit of a correction, so that was going on at the same time.
We left on Saturday morning, right around noon Houston time, and we have a connecting flight in Newark, New Jersey to get us to Naples, Italy. Everything's all set up, we get on the airplane and as we're sitting there on the airplane, they delay the flight. So we're stuck sitting there, waiting for the flight to take off, and I'm like, okay, it's bad weather, so it's no big deal. This will be fine. I've got about a two-hour gap between our flights. No worries, everything's good. So we get up in the air, and as we're flying, we're doing okay. We're running about an hour behind at this point, but I still got about an hour gap when we get to Newark to make the next flight. So it's going to be close because as you know, when you're going from domestic to international, you got to take like a train, a bus, and a plane to get to the next terminal.
So it usually takes 30, 45 minutes to do that. But we're okay, we got time. Well, we get over Washington DC, and the pilot comes on, he's like, we have run into weather in Newark, New Jersey. We're going to be stuck here in a holding pattern for about 40 minutes. Don't worry, we've got plenty of fuel. I'm not sure why I needed the last part, but okay.

**Adam Taggart** (3:50)
So I wasn't worried about that until you mentioned it, but yeah.

**Lance Roberts** (3:55)
So you know, on the back of the seats on flights now, they have the TV screen and you can watch the map. So if you look at the map, we're just flying in circles around Washington, DC for about 40 minutes. Well, we get to about 40, 45 minutes. The pilot comes back and says, dude, why are we still going to be stuck here for about another 40 minutes? Well, at this point, we're missing our flight.

**Adam Taggart** (4:15)
Oh, no.

**Lance Roberts** (4:17)
But I get online and I'm checking the flights, and our flight is delayed going to Naples. I'm like, okay, well, maybe we'll make this.